Aldermore bank has today announced the launch of a new Double Access1 savings account, which provides savers with a competitive rate for their long term savings goals but the flexibility to have access to their funds at times when it is needed.
The following personal savings product will be available immediately:
- Double Access product - 0.60%
Double Access accounts enable savers to benefit from a higher interest rate compared to a standard easy access account, if you make two or less withdrawals in an anniversary year. This allows for better returns but also the flexibility of not locking away money for a set period, which is suitable for saving for key events in the year ahead, such as special occassions like Christmas, large annual costs like school fees, planned holidays, or for building an emergency fund.
Ewan Edwards, director of savings, Aldermore comments: “At Aldermore, we want to provide choice so customers can find the products that suit their short and long term savings goals. Our Double Access product is a great additon to our range as it provides a better than easy access return but gives flexibility so money isn’t completely locked away for a set period of time.
“Our research2 shows that three quarters of Brits have had major plans, such as weddings and holidays, cancelled in 2020, totalling approximately £52bn in refunds, so many people will have spare cash lying dormant in their current accounts. A Double Access product is the perfect vehicle to get that money working for you until it is time to be used for those rescheduled and postponed plans in the new year.”
Notes to editors:
1 You can make two or less withdrawals in an anniversary year, without any dip in interest rate returns. However, making three or more in one anniversary year will cause the rate to drop to 0.10%. The rate will be reset upon the start of a new anniversary year.
2 Further details of this can be found here: Major plans cancelled in 2020 totalling approx. £52bn in refunds - Aldermore Bank
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